Essay about First Midterm - 1605 Words

SOLUTIONS Introductory Financial Accounting Midterm Exam Professor Yanfeng Xue Note: 1. You have 90 minutes to finish this exam. The total score for this exam is 100 points. Please use your time wisely. 2. Please show your work because I do give partial credit. 3. If you cannot remember the name of a particular account, do your best at guessing and at least indicate the type of the account (asset, retained earnings, etc.) 4. Good luck! Name: __________________________________________________ 1†¦show more content†¦Dracula Limo paid $6,000 on October 1st for the first two months’ service. Issued common stock of $10,000 and received cash. Paid half month of salary to employees for $2,000. Provided auto service to a client, billed the client for $3,000 to be paid by November 20th. Received utility bill of $600 for electricity usage in the month of October, although the amount won’t be due until November 15th. Paid dividend of $1,000 in cash. Required: a. Write journal entries for each accounting transaction in the space provided below (explanations for the journals are not necessary and you do not need to worry about any adjusting entries to be made at the end of October related to the transactions). 4 points each, 28 points. b. For each transaction, explain how the income statement could be affected. Specifically, what amount and under what category will be reported on the income statement. 2 points each, 14 points. 1) Cash 4,000 Sales revenue 2,000 Inventories 4,000 2,000 Cost of goods sold In the income statement, revenue is increased by 4,000 and cost of goods sold (expense) increased by 2,000. Grading notes: Students get full credit if they cannot name the cost of goods sold but call it expense. Deduct one point if instead of revenue and expense, students debit or credit retained earnings. The same applies to the rest of the exam. 2) Cash 6,000 Unearned revenue 6,000 TheShow MoreRelatedThe First Midterm Assignment During American History1500 Words   |  6 PagesThe First Midterm Assignment The late-19th century was the most prolonged time period in American history and also what the bloodiest. Many violent events occurred that gave the 19th century its name, such as, profound labor conflicts between boss and workers, the Indian wars that was an extended battle for peace and a benefit in their lifestyles, the Jim Crow law which was established to separate races throughout the city, and also the fight for the American Empires power. These were the majorRead MoreCritical Thinking Assignment On Psychological Stressor5904 Words   |  24 Pageseach day. And at the end of it, we are only left with ourselves to deal with. Yes, one can find help and solace with another, if they are lucky, but even then one is left with their own thoughts to work things out. Book Review Title First Things First Author Stephen R. Covey Reaction 8 lines 11point Times Stephen Covey asks â€Å"How much does urgency control your life?† In my life, urgency controls a lot of it. I am always in a hurry, or on a deadline. I am always stressed that I am goingRead MoreMy Experience Through My Mentorship Experience Essay1732 Words   |  7 Pagessomeone who is goal orientated and like to have a focus during all my discussions. During every mentorship meeting, I like to have an agenda for the meeting and a focus for our deliberations. I also like to revisit goals my mentees had set during the first session and writing new goals, as I measure success through results. I realized that I am good at encouraging others as over time I have seen my mentees speak more often and try to communicate effectively without looking for words on their phones.Read MoreThe Story of a High-Tech Entrepreneur in a Low-Tech World2145 Words   |  9 PagesDREAM DEFFERED: THE STORY OF A HIGH-TECH ENTREPRENEUR IN A LOW-TECH WORLD INTERNATIONALIZATION OF SMALL AND MEDIUM ENTERPRISES MIDTERM 2011 PREPARED BY: LAURA PLANTJE PREPARED FOR: ERNESTO TAPIAS-MOORE MARCH 9, 2011 INTRO: Monique Maddy is a Harvard Business School graduate turned visionary entrepreneur who founded Adesemi Communications International. Adesemi was supposed to revolutionize the information technology sector in her home continent of Africa, by enabling thousands ofRead MoreFilm Analysis : The Curious Case Of Benjamin Button 1819 Words   |  8 PagesBrendan Bullock Dr. Terri Hasseler LCS 230-A 20, October 2017 Midterm Examination Films Used in Questions: Question 1: The Curious Case of Benjamin Button Question 2: Frost/Nixon and Bicycle Thieves Question 3: Un Chien Andalou and Letters from Iwo Jima Question 4: Pan’s Labyrinth and Citizen Kane Question 1: In the intersecting film adaptation of The Curious Case of Benjamin Button, by David Fincher, the moral and setting differs from the original version that appears in F. Scott Fitzgerald’sRead MoreAsimov s Short Stories Reason1932 Words   |  8 PagesRoshan Mirajkar PHIL 253 Midterm Essay October 10th, 2015 Asimov’s short story â€Å"Reason† in I, Robot contains many Cartesian themes. Please interpret the short story using Descartes’ Meditations I, II, and III. Please use quotes from both texts to demonstrate your points. Does Asimov support or call into question the methods and results of Descartes’ thought experiment? Explain. Cogito ergo sum Asimov’s short story â€Å"Reason† in I, Robot is about a fictional robot character which uses reason to perceiveRead MoreThe Politics Of The United States1434 Words   |  6 Pagescitizen would be able to come up with, so ultimately money does affect who can run for election. Over time the amount spent on elections has increased greatly, during the last midterm election in 2014, almost 4 billion dollars were spent (2014). This is up from previous years, in 2008 only about 2.5 billion was spent on midterm elections (2014). Showing a drastic increase of funds over six years. On average more money is being spent every election year, but less people are voting. In 2014, the SenateRead MoreRhetorical Analysis Of Benjamin Franklin s The Declaration Of Independence 1116 Words   |  5 PagesAdnan Eid Midterm essay Pop culture In 1755, Benjamin Franklin stated in a letter to the colonial governor â€Å"Those who would give up essential Liberty to purchase a little temporary Safety, deserve neither Liberty nor Safety.† This letter was about raising money through taxation in order to use the money to provide better defense against French and Indian attacks. This quote is used today in the context of liberty and security. Today, particularly in the post 9/11 era, it is an ongoing debateRead MoreChicano ( A ) Studies 2601212 Words   |  5 PagesChicano(a) Studies 260 Midterm 1. There is a magazine company that caters to adult men called Gallismo. The magazine goes out to over 5 million men between the ages of 18 and 40 in the United States. In the magazine, there is an article paid for by a wealthy person, Sadam Jose, who supports the take over of the Southwest part of the United States. The article reads, â€Å"don’t support the false propaganda by the American Government, they stole the land from Mexico, we should get it back by any meansRead MoreToday’S Major Media Platforms Are Defining And Developing1365 Words   |  6 Pagesdeveloping what constitutes the Internet’s version of free speech. As a new form of expression emerges through the use of social media platforms, policymakers must regulate the censorship of posted content while still protecting the integrity of the user’s First Amendment rights. Authors Marvin Ammori, Marjorie Heins, and Jonathan Zittrain engage in synergistic conversation of censorship by mega med ia platforms’ evolving terms and conditions and their effects on Internet users through the use of real-world